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FTSE 100 index “RSI indicators show loss of upward potential?”

After trading higher for two consecutive weeks, the FTSE 100 index declined in the last week and ended at 6310.44 on Friday, after making a low at 6289.34. Although the weekly MACD is heading higher, the stochastic and RSI indicators are showing loss of upward potential, reflecting at a weak technical picture. Formation of a bearish engulfing candlestick pattern on the daily chart along with the RSI and stochastic indicators grinding lower, further confirms the bearish potential. The 6289/85 level is acting as an important near term support, followed by the next ones at the 20day SMA (currently placed at 6243/40) and 6221/20 levels. A move back below the latter might lead to further acceleration to the downside. On the bright side, key daily resistance is placed at the crucial 6350 level, followed by the 6381/85 and 6427/30 levels. A sustained break above the latter might lead to bullish momentum in the index.

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